IMO they are sending out the Series C preferred share "gift distribution" certificates in an attempt to appear legitimate even if they never intend to redeem them. Perhaps they hope that shareholders who receive certs won't dump their shares following a reverse split.
Certainly the Series C shares won't be redeemable in cash, which never made sense when they offered the "gift." PVEC is trying to raise money to buy 3900 acres in the Bahamas, develop it into a new cruise and ferry port as well as buy ferry and cruise ships and put them into operation.
In a claim that is just as bizarre as this insolvent, cashless company giving away $4 million as a "gift," PVEC also claims to be raising money so they can "buy back" shares.
PVEC needs to raise money to do the following:
* Pay for Peter's salary and operations when there is no income
* Pay off existing defaulted loans and judgment liens
* Pay attorney fees to defend lawsuits regarding defaulted loans
* Redeem the $4 million Series C gift distribution
* Buy back shares to reduce the float and shares outstanding
* Purchase 3900 acres in the Bahamas
* Develop the 3900 acres into a new cruise and ferry port
* Purchase ferries and cruise ships
* Hire staff and put the ferries and cruise ships into operation.
How many millions or billions of dollars does PVEC need to pay for all of the above that are part of its current business plan?
The company is not credit worthy. The only source of funds is selling shares to toxic funders who buy shares at about a 50% discount and dump them into the market. That's why Peter has repeatedly increased the number of authorized shares over the past 1.5 years.
Because the stock has been at no-bid status for a few weeks, the likelihood of a reverse split down the road is great.
